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| Building Your Family's 100 Year Plan: The Series |
100 Year Plan Part III: The Practice of Charity
Brett Anderson and Thomas M. Kostigen
02/02/2004
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For this reason, Bessemer’s Putnam notes, flexibility is essential in upholding philanthropy’s role within the family. "This is where shared values help us to transcend the particulars, for example, of our relationships with an institution," she says. "Today, where families no longer live in the same hometown generation after generation, each generation has to find charities that speak to them. The charity may vary, but everyone can regroup around the idea that the shared values are being promoted. It’s very hard for a parent or a grandparent to let go of a particular charity, but there needs to be flexibility between the generations."
In some instances, flexibility can also mean terminating a vehicle. "Families do have people with different goals and objectives and different values," concludes Dye of Goldman Sachs. "Sometimes families continue resolved to stay together and work as one charity. But other times, I see a family say, ‘You know it makes more sense to break this up,’ and actually have different charities that can more efficiently respond to the needs of the geographic area they’re interested in. I think that both are good models—whatever is going to work best for that family." Additional Information
 Intent and Oversight
 Three Paths to Giving
 Any Volunteers
 Transforming Tragedy Resources
Bessemer Trust
212.708.9295
www.bessemer.com
Goldman Sachs
Private Wealth Management
877.GOLDMAN (877.465.3626)
www.gs.com
Steenhuysen & Associates
401.246.2110
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